HomeMy WebLinkAboutResolution - HRA 2021-01 - Adopting Modification to the TIF Plan for TIF District 24 - 08/17/2021HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
H.R.A. RESOLUTION NO. 2021-01
RESOLUTION ADOPTING A MODIFICATION TO THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 24 -PARA VEL
BE IT RESOLVED by the Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority in and for the City of Eden Prairie (the "HRA") as follows:
Section 1. Recitals.
1.01. The HRA and the City of Eden Prairie (the "City") established Tax Increment
Financing District No. 24: Paravel ("TIF District No. 24") and adopted the Tax Increment
Financing Plan therefor on September 17, 2019.
1.02. The HRA proposes to modify the Tax Increment Financing Plan (the
"Modification") for TIF District No. 24, located within Redevelopment Project Area No. 5, all
pursuant to and in accordance with applicable law, including Minnesota Statutes, Sections 469.001
to 469.047 and Sections 469.174 to 469.1794, all inclusive, as amended. Generally, the substantive
modification to the Tax Increment Financing Plan for TIF District No. 24 is a delay in receipt of
first increment to 2023 and certification of the district for taxes payable in 2022. The Modification
also acknowledges the re-platting of the property within TIF District No. 24 into one parcel.
1.03. The HRA has investigated the facts and has caused the Modification to be prepared.
1.04. The HRA has performed all actions required by law to be performed prior to the
adoption of the Modification.
Section 2. Findings for the Modification.
2.01. The HRA hereby finds that the Modification is intended and, in the judgment of
this HRA, the effect of such actions will be, to provide an impetus for development in the public
purpose and accomplish certain objectives as specified in the Modification, which are hereby
incorporated herein.
2.02 The HRA reaffirms the findings previously made with respect to TIF District No.
24.
2.03. The Modification is not one of the modifications listed in Minn. Stat. § 469.175,
subdivision 4(b) and therefore does not require the notice, discussion, public hearing, and findings
required for approval of the original plan.
2.04. The Modification conforms in all respects to the requirements of the Acts and will
help fulfill a need to develop an area of the City which is already built up, to provide housing
opportunities, to improve the tax base and to improve the general economy of the State and thereby
serves a public purpose. The HRA believes these benefits directly derive from the tax increment
assistance provided under the TIF Plan. A private developer will receive only the assistance
needed to make this development financially feasible. As such, any private benefits received by a
developer are incidental and do not outweigh the primary public benefits.
Section 3. Approval of the Modification; Filing.
3.01. The Modification to the TIF Plan for TIF District No. 24 is hereby approved and
shall be placed on file in the office of the Executive Director. Approval of the Modification does
not constitute approval of any project or a Development Agreement with any developer.
3.02. The staff of the HRA are authorized to file the Modification with the State
Department of Revenue and the Hennepin County Auditor.
3.03. The staff of the HRA, the HRA's advisors and legal counsel are authorized and
directed to proceed with the implementation of the Modification and for this purpose to negotiate,
draft, prepare and present to this Board for its consideration all further plans, resolutions,
documents, and contracts necessary for this purpose.
ADOPTED by the HRA in and for the City of Eden Prairie this 17th day of August, 2021.
Ronald A. Case, Chair
Rick Getschow, Ex~ Director